GSEU vs. VOO

Last updated Aug 4, 2026

GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - GSEU is a Europe Equities fund tracking the Goldman Sachs ActiveBeta Europe Equity Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, GSEU returned 9.89%/yr vs 15.17%/yr for VOO. Their 0.72 correlation means they have sometimes moved together and sometimes differently. GSEU charges 0.25%/yr vs 0.03%/yr for VOO.

Performance

GSEU vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSEU achieves a 11.15% return, which is significantly lower than VOO's 11.72% return. Over the past 10 years, GSEU has underperformed VOO with an annualized return of 9.89%, while VOO has yielded a comparatively higher 15.17% annualized return.

GSEU

• 1D: 0.57%
• 1M: 1.67%
• 6M: 5.72%
• YTD: 11.15%
• 1Y: 24.35%
• 3Y*: 17.59%
• 5Y*: 8.83%
• 10Y*: 9.89%
• ALL TIME*: 9.84%

VOO

• 1D: 1.42%
• 1M: 1.69%
• 6M: 9.53%
• YTD: 11.72%
• 1Y: 23.30%
• 3Y*: 20.85%
• 5Y*: 13.12%
• 10Y*: 15.17%
• ALL TIME*: 14.88%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	$248.65K	$275.55K	$307.56K
VOO Vanguard S&P 500 ETF	$3.97B	$3.80B	$5.49B

GSEU vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	11.15%	35.70%	2.00%	20.74%	-17.90%	17.33%	6.64%	24.57%	-14.29%	26.97%
VOO Vanguard S&P 500 ETF	11.72%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%

Correlation

The correlation between GSEU and VOO is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (3Y) Balances recent behavior with more history.	0.67
Correlation (5Y) Shows whether the relationship held over a longer period.	0.72
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Mar 4, 2016	0.72

The correlation between GSEU and VOO has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

GSEU vs. VOO - Sectors Allocation Comparison

Sectors	GSEU	VOO
Financial Services	24.7%	11.4%
Industrials	19.9%	8.5%
Healthcare	13.7%	8.9%
Technology	9.4%	38.6%
Consumer Defensive	8.4%	4.5%
Consumer Cyclical	6.7%	9.5%
Utilities	4.6%	2.2%
Basic Materials	4.6%	1.7%
Energy	3.8%	3.0%
Communication Services	3.7%	9.9%
Real Estate	0.5%	1.8%

Return for Risk

GSEU vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GSEU

GSEU Risk / Return Rank: 62
GSEU Sharpe Ratio Rank: 65
GSEU Sortino Ratio Rank: 65
GSEU Omega Ratio Rank: 62
GSEU Calmar Ratio Rank: 55
GSEU Martin Ratio Rank: 63

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 79
VOO Sortino Ratio Rank: 77
VOO Omega Ratio Rank: 78
VOO Calmar Ratio Rank: 74
VOO Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GSEU vs. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and Vanguard S&P 500 ETF (VOO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GSEU	VOO	Difference
Sharpe ratio: Return per unit of total volatility	1.59	1.83	-0.24
Sortino ratio: Return per unit of downside risk	2.26	2.53	-0.27
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	2.05	2.63	-0.58
Martin ratio: Return relative to average drawdown	7.92	11.23	-3.31

GSEU vs. VOO - Sharpe Ratio Comparison

The current GSEU Sharpe Ratio is 1.59, which is comparable to the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of GSEU and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GSEU vs. VOO - Drawdown Comparison

The maximum GSEU drawdown since its inception was -35.71%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for GSEU and VOO.

Drawdown Indicators

	GSEU	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-35.71%	-33.99%	-1.72%
Max Drawdown (1Y) Largest decline over 1 year	-11.90%	-8.90%	-3.00%
Max Drawdown (3Y) Largest decline over 3 years	-14.12%	-18.69%	+4.57%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-24.52%	-9.46%
Max Drawdown (10Y) Largest decline over 10 years	-35.71%	-33.99%	-1.72%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.51%	-3.67%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	2.08%	+1.00%

Volatility

GSEU vs. VOO - Volatility Comparison

Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and Vanguard S&P 500 ETF (VOO) have volatilities of 3.94% and 3.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSEU	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	3.81%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	10.18%	+3.08%
Volatility (1Y) Calculated over the trailing 1-year period	15.42%	12.80%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.22%	16.95%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.69%	18.02%	-0.33%

GSEU vs. VOO - Expense Ratio Comparison

GSEU has a 0.25% expense ratio, which is higher than VOO's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSEU vs. VOO - Dividend Comparison

GSEU's dividend yield for the trailing twelve months is around 2.70%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSEU Goldman Sachs ActiveBeta Europe Equity ETF	2.70%	2.72%	2.35%	3.41%	3.34%	2.71%	1.84%	3.69%	3.40%	2.51%	2.74%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both GSEU and VOO in my portfolio?

GSEU and VOO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSEU or VOO?

GSEU has higher volatility (3.94%) compared to VOO (3.81%). In terms of maximum drawdown, GSEU dropped -35.71% vs VOO's -33.99%.

Which ETF is better, GSEU or VOO?

On 10-year performance, VOO leads with 15.17% vs 9.89% for GSEU. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEU or VOO?

Over the 10-year period, VOO has performed better with a 15.17% return vs 9.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEU or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.25% for GSEU.

Which ETF pays a higher dividend yield, GSEU or VOO?

GSEU has the higher dividend yield at 2.70%, compared with 1.05% for VOO.

What is the main difference between GSEU and VOO?

GSEU is categorized as Europe Equities, while VOO is S&P 500. GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while VOO tracks S&P 500 Index. They also come from different issuers: Goldman Sachs and Vanguard. Their fees differ too: 0.25% for GSEU and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.83 vs 1.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.